Russian-Uzbek Trade Up 23 Percent in 2017
The impact of the Eurasian Economic Union (EAEU) on its member states continues to grow as Russian-Uzbekistan bilateral trade rose 23 percent in the first three quarters of 2017, compared with the previous year, the Russian Ambassador to Uzbekistan Vladimir Tyurdenev has stated.
The Russian diplomat said that according to the results of business missions, export contracts (agreements) worth US$4.6 million were signed. In 2017, companies from about 70 Russian cities interacted with Uzbek businesses. “The practical results of intensifying inter-regional exchanges can be seen through the prism of statistical data of bilateral trade. Today, Russia is the leading trade partner of Uzbekistan,” said Tyurdenev. “Trade turnover between Uzbekistan and Russia made up US$2.4 billion in the first nine months of 2017.”
He added that in many respects, this was achieved through the diversification of mutual trade and increase in the supply of Uzbek textile and fruit and vegetable products to Russia, for which in accordance with the agreements of the presidents of the two states created a “green corridor” to simplify procedure for customs clearance. According to him, the task is to increase the trade turnover up to US$5 billion by the end of the year. To this end, Russian and Uzbek partners need to make full use of the existing potential, and continue to increase cooperation in the trade and economic sphere. Total bilateral trade turnover, according to the State Statistics Committee of Uzbekistan, made up US$4.2 billion last year.
“Trade dynamics between Russia and Uzbekistan were damaged when the Soviet Union split up”, says Chris Devonshire-Ellis of Dezan Shira & Associates. “Now with the creation of the Eurasian Economic Union and tax equalization and trade agreements in place, we are seeing a resurgence towards the previous healthy bilateral trade figures of the past. There is still ground to be covered but the pent up trade need and potential are there for all EAEU countries, and especially with new, wider ranging Free Trade Agreements coming down the pipeline with countries such as China and India. Central Asian dynamics affect the rest of Eurasia, and are now entering a robust era of growth.”
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